CareTrust REIT (NASDAQ:CTRE) Posts Earnings Results, Misses Expectations By $0.17 EPS

CareTrust REIT (NASDAQ:CTRE) issued its earnings results on Tuesday. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.17), RTT News reports. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the previous year, the business earned $0.35 earnings per share. CareTrust REIT updated its FY24 guidance to $1.49-1.50 EPS and its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Stock Up 2.1 %

Shares of CareTrust REIT stock traded up $0.68 during trading hours on Wednesday, hitting $32.60. 329,247 shares of the company’s stock traded hands, compared to its average volume of 1,400,147. CareTrust REIT has a twelve month low of $20.10 and a twelve month high of $32.88. The company has a market cap of $4.63 billion, a PE ratio of 61.37 and a beta of 1.10. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $30.37 and a 200-day simple moving average of $27.33.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.56%. CareTrust REIT’s dividend payout ratio is currently 223.08%.

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. KeyCorp raised their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. BMO Capital Markets boosted their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

About CareTrust REIT

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.